In a historic move, the Dubai Land Department (DLD) declared that private property owners in Al Jaddaf and along Sheikh Zayed Road (from the Trade Centre Roundabout to the Water Canal) can now change their ownership status to freehold, allowing people of all nationalities to own the properties.
This conversion is available for 457 plots in total, including 329 plots in Al Jaddaf and 128 plots along Sheikh Zayed Road.
This action aims to raise the market value of real estate in these desirable locations, which will benefit landowners by making their assets more appealing. The conversion is anticipated to draw in fresh capital, promoting real estate development geared toward freehold investors and enhancing Sheikh Zayed Road and Al Jaddaf’s economic standing.
Major Boost to Dubai’s Real Estate Sector
The DLD’s Director General, Eng. Marwan Ahmed bin Ghalita, emphasized that this initiative is a major factor in the expansion of Dubai’s real estate industry and strengthens the city’s standing as a major international economic centre and real estate investment destination. It is consistent with the objectives of Dubai’s Real Estate Strategy 2033, which include increasing real estate transactions by 70%, increasing market value to Dh1 trillion, and increasing the value of real estate portfolios to Dh20 billion.
“The conversion initiative will significantly enhance the market value of properties in these areas and contribute to the growth of the real estate sector,” said bin Ghalita. “It will also make these locations more attractive to long-term investors, reinforcing Dubai’s position as a dynamic and investment-friendly market.”
Steps for property owners
Property owners can utilize the Dubai REST smart app to find out if they qualify for conversion. After that, owners have to apply for a land assessment and valuation from the DLD. The Real Estate Regulatory Authority’s criteria will be followed while determining common area fees and service charges. There will be a conversion fee equal to 30% of the property’s gross floor area value. Following payment processing, a freehold ownership title deed and a map displaying the property’s current status will be sent to the property.
Dubai’s Real Estate Strategy 2033
Dubai’s Real Estate Strategy 2033 establishes challenging goals to advance the industry. Some of these are increasing real estate transactions, raising the overall market value, and creating an atmosphere that supports long-term growth. The DLD’s dedication to offering all-encompassing assistance guarantees a seamless transition for property owners during this next stage of expansion.
